The diamond merchant wanted in India on charges of fraud and money laundering in the estimated $2-billion Punjab National Bank scam case, lost his legal battle against extradition as a UK judge ruled that he does have a case to answer before the Indian courts.
India imports gold worth $26 bn in Apr-Dec period.
Mandatory hallmarking of gold would be a positive in making the gold market more organised. Mandatory hallmarking would come into effect from January 15, 2020, with a one-year transition period for trade to sell existing inventories. Experts also expect more policy measures next year to bring in more transparency in terms of gold as an asset class.
Gold and diamond retail chain Malabar Gold & Diamonds will be investing Rs 1,600 crore in FY22 to launch 56 stores globally with 40 across India and 16 internationally in FY22 to further boost its retail presence across the globe. The move is expected to generate over 1,700 jobs. In India, the expansion strategy is centred in states like Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Maharashtra, Delhi, West Bengal, Uttar Pradesh, Odisha and Kerala. Internationally, the expansion will be in markets such as Singapore, Malaysia, Oman, Qatar, Bahrain and UAE.
India Inc's order book has more than doubled to an all-time high of Rs 73,320 crore in the second quarter of the current financial year, compared to the first quarter.
The country's exports jumped by 58.23 per cent to $34 billion in March as key sectors such as engineering, gems and jewellery and pharmaceuticals recorded healthy growth rate during the month, according to the Commerce Ministry's provisional data. Exports during April-March 2020-21, however, dipped by 7.4 per cent to $290.18 billion compared to $313.36 billion in 2019-20, the data showed. Imports during 2020-21 contracted by 18 per cent to $388.92 billion compared to $474.71 billion during 2019-20. In March 2020, the exports stood at $21.49 billion, which was a decline of about 34 per cent over March 2019 due to global slowdown induced by the Covid-19 crisis.
India's exports in April jumped nearly three-fold to USD 30.63 billion from USD 10.36 billion in the same month last year, according to government data released on Friday.
Exports of jewellery from India have gone up 32 per cent in the last two months ended May thanks to increasing demand and sale diamonds abroad.
'His simple lifestyle, his optimism, his hard work and his genuine humility made him an authentic role model to millions of children, many of them growing up in challenging circumstances.'
Globetrotter Parvinder Chawla's story will make you believe that nothing is impossible.
Consumer sentiment seen better than last year's
The Kohinoor diamond, estimated to cost over $200 million (Rs 1,465 crore), was neither stolen nor "forcibly" taken by British rulers but given to East India Company by erstwhile rulers of Punjab
India's exports turned around in November after falling for 13 straight months, posting a growth of 18 per cent to touch $13.2 billion, but the expansion was attributed to base effect.
India's exports grew marginally by 0.88 per cent.
The opposition party questioned why the government took five years after the liquidation proceedings of ABG Shipyard to lodge an FIR in connection with the alleged duping of 28 banks.
"Now the gof India has decided to soon initiate procurement from local industries to reduce import dependence," he said. Reddy, the Union Minister of State for Home, said for many years India was dependent on worldwide Original Equipment Manufacturers (OEMs) for procuring arms and ammunition.
Three-four big gem and jewellery firms are showing financial weaknesses and might find it tough to withstand shocks
'Considering that an Internet company's market value is largely determined by its direct access to consumers for digital services, and largely served outside a sovereign country's control, it would appear reasonable in trade terms to discuss fees for a seat at the proverbial 'table' of opportunities in the largest open consumer market,' argues Venki Nishtala.
Jewellers see flat gold sales this Dhanteras
Ranbir Kapoor's larger-than-life daku depiction in and as Shamshera is old school at its spectacular best. While we wait to watch the actor in one of the most raw, rough and rustic outings of his career, here's Sukanya Verma's list of 25 daku roles we love, ranked in an ascending order.
Although the country's leading gems and jewellery traders, dealers and exporters are ready to grab a significant portion of the $25-billion market, key changes are required in the country's Income Tax Act and Customs Act.
While e-commerce sites rush to meet mass demand, Etsy is positioning itself more as a community of artisans where buyers can seek uncommon and unique products rather than mass-produced discounted products.
Blocked working capital worth Rs 1,500 crore, in the almost-defunct job work diamond polishing units, is expected to be released even as diamantaires will issue fresh orders to such units following the GST relief.
The development comes amid a growing clamour for the boycott of Chinese products in India, combined with the government's push for Aatmanirbhar Bharat.
Imports also fell for the eighth consecutive months, down 0.75 per cent to $41.14 billion in January, widening the trade deficit to a seven-month high of $15.17 billion.
India has offered African countries --Botswana, Angola, South Africa and Namibia, incentives to strengthen their jewellery industry in return for direct procurement of rough diamonds from these countries.
Sectors with positive growth during the month include rice, iron ore, oil seeds, oil meals, meat, dairy and poultry products, pharmaceuticals, coffee, engineering goods, and plastic.
The country's exports rose by 47.34 per cent to $32.46 billion in June on account of healthy growth in sectors such as engineering, gems and jewellery and petroleum products, even as trade deficit aggregated at $9.4 billion during the month, according to the data released by the commerce ministry on Friday. Exports in June last year stood at $22 billion and $25 billion in June 2019. In May 2021, the outward shipment was worth $32.27 billion, while in April this year, it was $31 billion. Imports in June 2021 grew by 96.33 per cent to $41.86 billion, from $21.32 billion in June last year. In June 2019, imports stood at $41 billion.
India's exports fell 9 per cent to $23.43 billion in November due to a drop in shipments of segments such as petroleum products, engineering and chemicals, even as the trade deficit narrowed to $9.96 billion during the month, according to official data released on Wednesday. Imports also slipped 13.33 per cent to $33.39 billion in the month under review. In November, oil imports dipped 43.34 per cent to $6.27 billion. It was down by 48.7 per cent to $44.10 billion during April-November 2020, the data showed. Exports during April-November 2020 were $173.49 billion, compared with $211.17 billion during the corresponding period a year ago, exhibiting a negative growth of 17.84 per cent.
As Dinesh Karthik celebrated his 35th birthday on Monday, opening batsman Rohit Sharma remembered the wicketkeeper's heroics with the bat in the Nidahas Trophy T20 tri-series final in Colombo, in 2018. Karthik scored a last-ball six to help India pull off an incredible chase to beat Bangladesh by four wickets and win the Nidahas T20 tri-series title.
The Manikarnika actor, known for provocative and often inflammatory statements, was once again the centre of debate -- and ire -- with politicians across the spectrum, including Bharatiya Janata Party MP Varun Gandhi, among the host of social media users and others who reacted with outrage for her comments at an event on Wednesday evening.
Veteran santoor player and music composer Pt Shiv Kumar Sharma died in Mumbai on Tuesday morning following a heart attack, family sources said. He was 84.
Pressure is on India to eliminate duties on sectors like auto, pharma, chemicals, electronics, gems and jewellery for giving developed nations real market access.
Security of supply of raw materials is thus an important issue, said Jairam Ramesh, minister of State of Commerce. India now imports close to $8 billion of rough diamonds.
Titan was the top gainer in the Sensex pack, rising around 4 per cent, followed by HDFC, Nestle India, IndusInd Bank, UltraTech Cement and Bharti Airtel. On the other hand, Bajaj Auto, Tata Steel and NTPC were the laggards.
Documents accessed by Business Standard show owners of suspected Hong Kong-based shell companies are spread across the globe.
Non-resident Indians are bringing gold into the country by taking advantage of rules that allow each individual to carry 1 kg of the metal, helping traders cope with restrictions on imports during the peak wedding season.
'Such memorable performances that brought so much joy and happiness all around.'
Dealers are selling gold at a discount of Rs 175 for 10 gm.
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